Private equity firm, Permira, will refinance part of the €1.5 billion in loans used to fund its 2006 buyout of frozen foods company, Birds Eye Iglo, Reuters reports. The refinancing includes a new €427 million five-year term loan.
It also includes re-pricing of the interest margin on a €500 million loan put in place in 2010 to fund Permira’s acquisition of Findus Italy, which was merged with Iglo. The company will use the proceeds to repay its €275 million senior mezzanine loans and €150 million junior mezzanine loans. Credit Suisse and Deutsche Bank are arranging the new loan.
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